Glancy Prongay & Murray LLP, a Leading Securities Fraud Law Firm, Announces the Filing of a Securities Class Action on Behalf of ON Semiconductor Corporation (ON) Investors

LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired ON Semiconductor Corporation (“onsemi” or the “Company”) (NASDAQ: ON) common stock between May 1, 2023, and October 27, 2023, inclusive (the “Class Period”). onsemi investors have until February 12, 2024 to file a lead plaintiff motion.

If you suffered a loss on your onsemi investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/ON-Semiconductor-Corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [e-mail] to learn more about your rights.

On October 30, 2023, onsemi released its third quarter 2023 financial results, revealing that the Company was “taking a very cautious approach” with its silicon carbide (“SiC”) products due to signs of weakening demand and would miss its $1 billion 2023 SiC revenue target by approximately $200 million. On this news, onsemi’s stock price fell $18.18, or 21.8%, to close at $65.34 per share on October 30, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) revenues from billions of dollars in reported long-term supply agreements (“LTSAs”) were “committed” and “locked in,” and were effectively certain to be obtained by the Company when, in fact, the Company could and would abrogate the LTSAs at a customer’s request; (2) LTSAs provided “predictable” and “sustainable” performance to drive the Company’s growth, even in tough macroeconomic conditions, when, in fact, they would be modified or eliminated as conditions changed; and (3) Defendants had “good visibility” into customer demand when, in fact, demand could be reduced on short notice, even where LTSAs were in effect; and (4) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

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If you purchased or otherwise acquired onsemi common stock during the Class Period, you may move the Court no later than February 12, 2024 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [e-mail], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

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